X-Band Radar Market Report 2024 - Growth, Trends & Industry Insights

The Business Research Company recently released a comprehensive report on the Global X-Band Radar Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The x-band radar market size has grown steadily in recent years. It will grow from $5.86 billion in 2023 to $6.06 billion in 2024 at a compound annual growth rate (CAGR) of 3.4%. The growth in the historic period can be attributed to military modernization programs, threat perception and security concerns, increased naval and maritime applications, weather monitoring and forecasting, aviation safety, coastal surveillance.

The x-band radar market size is expected to see steady growth in the next few years. It will grow to $7.06 billion in 2028 at a compound annual growth rate (CAGR) of 3.9%. The growth in the forecast period can be attributed to increasing demand for unmanned systems, space exploration and satellite communication, commercial aviation upgrades, environmental monitoring and disaster response, advancements in material science, focus on cybersecurity. Major trends in the forecast period include advancements in technology, dual-use applications, phased array radar systems, gallium nitride (gan) technology, compact and mobile radar systems, integration of artificial intelligence (ai), digital radar systems, international collaborations.

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Market Drivers and Trends:

The rise in natural disasters is expected to propel the growth of the X-band radar market going forward. Natural disasters refer to catastrophic and severe events caused by the natural processes of the Earth. These events can result in significant damage to the environment, loss of life, and disruption of normal human activities. X-band radar is utilized in natural disasters for various purposes, leveraging its capabilities for detection, monitoring, and response. For instance, in March 2023, according to the Office for the Coordination of Humanitarian Affairs, a US-based United Nations body, there were 30,704 deaths from 387 natural hazards and disasters in 2022, which was three times higher than in 2021. Furthermore, in May 2022, according to the China Institute of Water Resources and Hydropower Research, a China-based research institute, currently around 2 billion people worldwide are facing flood risk, and 2020 saw a 23% rise in the frequency of worldwide floods. Therefore, the rise in natural disasters is driving the growth of the X-band radar market.

Product innovation is a key trend gaining popularity in the X-band radar market. Major players in the X-band radar market are focusing on innovation by using environment-friendly materials to sustain their position in the market. For instance, in June 2021, Raytheon Technologies, a US-based aerospace, and defense company that manufactures X-band radars entered into a partnership with the U.S. Missile Defense Agency (MDA), the Department of Defense. The partnership aimed at moving to more environmentally friendly materials for the Sea-Based X-Band Radar (SBX) cooling system. The restoration of the outdated system dramatically reduces energy demands and greenhouse gas emissions while enhancing dependability.

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Major Key Players of the Market:

Japan Radio Company Limited, Furuno Electric Co. Ltd., Terma A/S, Northrop Grumman Corporation, Saab AB Group, Israel Aerospace Industries Ltd., Thales Group, Leonardo S.p.A., Hensoldt AG, Reutech Radar Systems, Vaisala Oyj, Indra Sistemas S.A., Prosensing Inc., Raytheon Technologies Corporation, Kelvin Hughes Limited, Lockheed Martin Corporation, Mitsubishi Electric Corporation, Selex ES Inc., Telephonics Corporation, Harris Corporation, BAE Systems plc, ASELSAN A.S., ELTA Systems Ltd., Bharat Electronics Limited, RADA Electronic Industries Ltd., SRC Inc., Cobham plc, Echodyne Corporation, Cambridge Pixel Ltd., Blighter Surveillance Systems Ltd., DeTect Inc., Exelis Inc., GEM elettronica srl

X-Band Radar Market 2024 Key Insights:

• The x-band radar market size is expected to see steady growth in the next few years. It will grow to $7.06 billion in 2028 at a compound annual growth rate (CAGR) of 3.9%.
• The Rising Demand For Security Systems Drives The X-Band Radar Market
• Major Players In X-Band Radar Market Embrace Environmentally-Friendly Materials
• Asia-Pacific was the largest region in the X-band radar market in 2023

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